Question - On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Park Strand Current assets $ 115,000 $ 22,150 Noncurrent assets 93,000 44,100 Total assets $ 208,000 $ 66,250 Curr ...
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Question - On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; th ...
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Question - Shanklin Corporations unadjusted trial balance as of June 30, 2018 is as shown below: DEBIT Cash 13000, AR 1500, Prepaid Insurance 600, Supplies 3800, Equipment 30000, Dividends 4800, Wages Expense 14000..... ...
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Question - Journalize the transaction 1. Collected $25,000 for services to be provided over the coming year on June 30. 2. Paid $72,000 for a three-year insurance policy on July 10 with coverage beginning on August 1. 3. ...
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Question - Equipment purchased by Park Consultancy for $38,220 on January 2, 2019, has an estimated useful life of 10 years and an estimated salvage value of $2,700. What adjustment for depreciation should be recorded on ...
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Questions - Q1. At December 31, 2018, Lyndsey's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2018 for $75 each. Lyndsey's business operates on a gross profit of 60 percent of ...
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Question - At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay ...
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Question - Flounder Company at December 31, 2017, the end of its first year of operations. Sales revenue $282,670 Cost of goods sold 147,300 Selling and administrative expenses 49,900 Gain on sale of plant assets 28,660 ...
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Question - Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $50,000 o ...
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Question - Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to re ...
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